Anyone get their minimum increased??

iVillage Member
Registered: 12-05-2004
Anyone get their minimum increased??
23
Tue, 12-13-2005 - 11:27pm


MBNA said they would be raising the monthly minimums from 1% to "up to 5%" of my balance, starting with the December statement. I still have a couple of days until the December bill will print, and I can go online and see what my new minimum will be....and it's driving me bonkers just waiting! I am dreading seeing a $470 minimum, which would be 5% of what I currently owe.

Has anyone else seen their minimums go up?? I don't mind an increase--just not 5%! LOL!

Pat

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iVillage Member
Registered: 12-05-2004
Wed, 01-25-2006 - 2:33pm

Can you sign up for online access to your credit card accounts? I'm not sure if all card companies offer this service, but it was a wonderful tool for me during the holidays. I could easily see what had posted to the card, and also what was considered "pending". When Dh went out Christmas shopping, I literally sat at the computer pushing the "refresh" button every 10 minutes or so to see all his purchases showing up under the Pending section on our online statement. Then, when he called me and said he was on his way home, I totalled up the pending charges, and just hopped over to our bank's online service and moved the amount over to the charge card. I think the money to pay off his charges got posted to the card before the pending charges did. LOL! :-D

Maybe that would help you to keep track of your shipping/postage charges?

Pat :-D

Avatar for aerandel
iVillage Member
Registered: 03-25-2003
Wed, 01-25-2006 - 10:58pm
So far my minimums have not gone up and I am suprised because I was expecting. I am still on guard though and am trying to build up my savings before next month's payment is due just in case. I thought they would go up in January but they were the same as December!

                          

             

Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Tue, 01-31-2006 - 3:49pm

Hello,

Every credit card that I've had already charged 1% or 2% for the minimum payment, so mine haven't changed. Basically, there were some credit cards that were charging minimum payments that would *never* pay off the balance. In fact, it would slowly grow. So the credit card companies aren't really doing this *for our benefit*, they are doing it because they were *forced* to. They make more money when they have lower minimums, the lower the better.

I know it's scary to think about minimums going up when you are struggling. However, if you can make those payments, the debt will be paid off faster..

Sincerely,
Lindsey Schocke

Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished

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